2nd Mortgage Loans from Home Loan Magicians
Home Loan Magician offers insight on 2nd mortgage loans for cash out financing and home improvement funding. In most cases your home is your most valuable possession. With a 2nd mortgage you can access your home equity and get tax free cash when the loan closes. People like subordinate financing because it enables them to leave their 1st trust deed unchanged. If you already have a great interest rate on your mortgage, then this makes sense financially.
Borrowers like 2nd mortgages for small loan amounts that are typically less than your 1st mortgage. Second Mortgages are also called junior liens because they are secondary to your 1st mortgage lien. 2nd mortgage loans offer lower interest rates and payments than unsecured consumer loans. Just like home equity lines, 2nd loans are typically tax deductible. We suggest that you confer with your tax consultants or legal advisors with respect to tax deductibility for second mortgage loans.
What are some benefits for 2nd mortgage loans?
2nd mortgage programs are typically used for significant purchases:
- Home Remodeling
- Purchasing a 2nd Home
- Buying An Automobile
- Get Funds for Investments
- Finance house repairs
- Consolidate charge cards